The entrepreneur becomes rich overnight fairytale. A fairytale you must have seen on a social platform. True or false?
The entrepreneur becomes rich overnight
Probably you have seen the video advertisement created by a person that states to be successful. Successful by a minimum effort or overnight. You only need to subscribe and pay a fee to become successful as well.
Other social platform state you need to set aside EUR 1.000 per months and then at the end of the year you have EUR 30.000. So stupid it makes you curious, you subscribe, pay a fee and yes they hit the EUR 30.000, not you.
Entrepreneur – rich and tax
These three words seldom are mentioned in one sentence. Some platforms you can indeed become rather rich overnight. Only later you read in the news that such a platform has not calculated the Value Added Tax (VAT) correctly. The UK VAT system was applied, but in the Netherlands the Dutch VAT system is in place. That is a substantial correction, retro actively to max five years back. Then we wonder if the UK VAT system was applied, maybe also the UK income tax system was applied. Suddenly the overnight entrepreneur gets the wakeup call, only to learn money can evaporate.
The Lamborghini driving entrepreneur that states to be very successfull in real estate, could be questionable as well. These days with the Box 3 nightmare taxation on property, the limitations cities put in to prevent properties being flipped. Of course old money, inherited real estate, could be involved. One of the signals of old money is that they do not drive a Lamborghini.
Entrepreneur – wealthy happy
We believe more in the entrepreneur being wealthy happy. Wealthy could be earning more than was earned during employment. Wealthy happy can also imply that the entrepreneur is free to spend his or her time. More family life driven time, quality time.
We have a variety of entrepreneurs in our portfolio. Some are still coping with the covid pandemic aftermath, and we are not sure they survive. Other entrepreneurs are starting and learning the ropes of administration, taxation and setting aside some profit. Others are in a well balanced mode. The true rich entrepreneurs leave the Netherlands, is our experience.
Entrepreneur – rich overnight true or false?
We have the opinion an entrepreneur cannot get rich overnight. And yes, undoubtfully there have been and will be entrepreneurs that become rich overnight. Just like John Cleese stated during the College Tour interview: keep your nose to the grindstone and one day you get your lucky break. That is what we think most entrepreneurs stand for.
Tax is exciting
We think tax is exciting. We are excited to help entrepreneurs with their bookkeeping, tax filing and a tax talk. Entrepreneurs that inquire with us what is the best type of organization to be set up, one man company or BV company. In order to be able to answer them, we inquire about their expectations for the next five years. Will they be living in the Netherlands, will they have a business partner, or employ a staff. What will be the expected turnover, result. In the past few decades no entrepreneur replied to become spontaneous rich overnight in their reply. That situations is for the fairytale.
